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Jamie Dimon’s exit plans

22-5-2024 < Attack the System 17 259 words
 
As big as Dimon’s shoes will be to fill, JPMorgan has been preparing for a while. 

Wall Street has long speculated about who will ultimately succeed Dimon. Earlier this year, the bank offered some clues with a leadership shuffle that saw Jennifer Piepszak, Marianne Lake, and Troy Rohrbaugh take on new roles.



But speculating where Dimon will end up is just as interesting an exercise.



Politics has long been viewed as Dimon’s potential post-banking career. His most recent annual letter to shareholders reads like something a politician could build a campaign around.



He certainly seems to have a hang of the whole lobbying thing. A report from The Wall Street Journal this weekend identified Dimon as the key person organizing bank CEOs’ fight against proposed regulations requiring lenders to hold more cash on their balance sheets.



Dimon’s work paid off, with the Fed now looking to loosen its restrictions, according to the WSJ’s report, which cited people familiar with the matter.



In the meantime, JPMorgan continues to push forward with Dimon at the helm. The bank’s investor day included slides highlighting plans for its growth in areas like investment banking, AI, and tech spending, writes BI’s Reed Alexander.



Dimon and other executives also addressed questions about the untimely death of a Bank of America banker and the impact within their firm, writes Reed.



However, with or without Dimon, investors didn’t necessarily seem sold on the bank’s vision. JPMorgan’s stock finished down 4.5% on Monday.

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